OMAHA, April 30 — Warren Buffett’s Berkshire Hathaway Inc dove into equity markets in the first quarter, spending more than US$51 billion on stocks including a much larger stake in Chevron Corp.
Berkshire’s disclosures suggest that Buffett has finally found large new uses to dispose of Berkshire’s cash pile, which shrank more than US$40 billion to about US$106 billion. Buffett has also committed US$11.6 billion to buy insurance company Alleghany Corp Y.N, and bought US$4.2 billion of HP Inc HPQ.N stock.
Berkshire’s net income fell 53 per cent to US$5.46 billion, or US$3,702 per Class A share, to US$11.71 billion, or US$7,638 per Class A share, a year earlier. Berkshire released results ahead of its first in-person annual shareholder meeting since 2019 in Omaha.In its quarterly report, Berkshire alluded to the Ukraine invasion, without mentioning it specifically, and the spread of Omicron variants of Covid-19 in discussing the supply chain issues that many businesses now face.
Chip shortages were also a problem, dampening consumer shipping volume at BNSF and reducing sales volume at Berkshire Hathaway Automotive car dealerships.
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